Foreclosed Asset Reserve and Management Act of 1985

[AI summary unavailable — showing source text] Foreclosed Asset Reserve and Management Act of 1985 - Amends the Farm Credit Act of 1971 to provide for Farm Credit System purchases of foreclosed farmland through an asset reserve and management agent corporation. Provides that such farmland: (1) shall be managed by the bank or association holding the lien on the property; and (2) shall be sold by the agent upon such managing bank's request.…